How Should You Determine Whether You Need Construction Equipment Rentals NYC
When you’re in the construction business, much of your company’s integrity will hinge on the quality of your equipment, which is a major factor in your ability to deliver high-quality work (along with the expertise of your team and the level of customer service you provide, of course). As such, you need to give much thought to the tools of your trade.
One of the pressing issues you must face is the choice between purchasing your own equipment and renting what you need for your projects. Each option will have its own sets of pros and cons, and figuring out the best choice will depend on fully understanding your company’s specific needs, capabilities and preferences.
Here are the key points you need to consider when deciding whether to buy equipment or go for construction equipment rentals NYC:
Financial status. Figure out whether you have the capital to buy your own equipment or whether renting is the more manageable choice. Consider the fact that if you choose to buy, you can expect returns on your investment if you sell the equipment in the future.
There’s also the matter of comparing the costs for each option. Companies that buy their own equipment have to shoulder operating and maintenance costs, fees that come with government licensing regulations, and insurance. On the other hand, if you rent, expect to pay more since rental companies will be marking up fees to include the costs they had to face for purchasing and maintaining the equipment. Also, it’s possible that you’ll be taking care of the cost of moving the rental equipment from place to place, too.
Availability of equipment. The machines and tools are essential to your ability to complete the project. If you buy your own, you’ll be confident about having the equipment whenever you need it. If you rent, there’s the possibility that the piece you need may be unavailable.
The frequency and length of your construction projects. Buying is ideal if the nature of your projects calls for a lengthy schedule, or if you have a number of them lined up in the near future and they require the same types of equipment. For jobs wherein you will only be utilizing the equipment a few times, or perhaps even just once, a rental may be the more logical option.
Generally, if you want returns on your investment, less downtime, easy availability of the equipment, and lower costs over the long term, buying construction equipment is more advantageous. However, if you want to be able to access a wide range of the latest models, enjoy a lower investment in the beginning, and skip shouldering insurance, maintenance and operational costs, then renting would be more suitable for you.